King Charles III won’t pay 40% inheritance tax on £641 million estate
A government spokesperson said "the Monarchy as an institution needs sufficient private resources to enable it to continue to perform its traditional role in national life".
With the nation in mourning following the death of Queen Elizabeth II, King Charles III has inherited her position as head of state.
His Majesty has also inherited most of the Queen’s multi-million-pound estate, which is reported to be worth £641 million by AS News.
This includes a mixture of public and private assets, with the late Monarch having reportedly ammassed tens of millions in private wealth through art and racehorses and other assets throughout her lifetime.
But while ordinary British citizens are required by law to pay a 40% tax on inheritance over £325,000, this won’t be the case for the new monarch.
The reason is thanks to a 1993 change in royal inheritance law that prevents a depletion of royal funds in the case of royal deaths in quick succession.
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Despite being introduced by the John Major government nearly 20 years ago, the change was not applied until 2002 following the death of the Queen Mother. Now it is being applied again, effectively depriving the Treasury of a windfall.
Speaking to The Express, a government spokesperson said that requiring the Moarch to make an inheritance tax payment would ‘inappropriate’.
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In a comment given to the paper, the Government explained: “Some assets are held by the Queen as Sovereign rather than as a private individual.
“They are not sold to provide income or capital for the personal use of the Queen and pass from one Sovereign to the next.
“The official residences, the Royal Archives, the Royal Collection of paintings and other works of art and other assets held by the Queen in right of the Crown fall into this category.
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“It would clearly be inappropriate for inheritance tax to be paid in respect of such assets.”
However, a spokesperson also said that the new King would also be exempt from paying tax on private assets because “the Monarchy as an institution needs sufficient private resources to enable it to continue to perform its traditional role in national life”.
They added another reason for the exemption is to ensure the monarch has “a degree of financial independence from the Government of the day.”
‘Relentless common sense’ – Elizabeth II's leadership style, her wealth, and the Royals' 'Marmite jar' brand strategy. My analysis of what may change with a new boss at "The Firm" #QueenElizabeth#KingCharleshttps://t.co/KkIt6DKsiC
Any relatives beyond King Charles II, however, will still be required to pay tax on inherited assets.
The Government outlines: “In relation to assets which can properly be regarded as private, the arrangements provide that inheritance tax will not be paid on gifts of bequests from one sovereign to the next, but will be payable on gifts and bequests to anyone else.
“Tax will also not be payable on assets passing to the Sovereign on the death of a consort of a former Sovereign.
“The reasons for not taxing assets passing to the next Sovereign are that private assets such as Sandringham have official as well as private use, and that the Monarchy as an institution needs sufficient private resources to enable it to continue to perform its traditional role in national life, and to have a degree of financial independence from the Government of the day.”
Feature image – BBC
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Rio Ferdinand is stepping away from TNT Sports after more than a decade
Danny Jones
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Manchester United legend and ex-England international Rio Ferdinand has announced he will be stepping away from TNT Sports, leaving more than a decade with the broadcaster.
Ferdinand has spent the best part of the last 10 years serving as a leading pundit and analyst, as well as hosting his own ‘Rio Meets’ online series – the interview format of which has been replicated on his YouTube channel.
However, after having been one of their main anchors both under the BT Sport and even more so since the inception of the rebranded TNT Sports Football umbrella, the 46-year-old has confirmed he has now quit their regular coverage following the Champions League final this weekend.
In a lengthy statement on social media, the ex-Man United defender, who also played for Leeds, West Ham, Bournemouth and QPR, described it as a “difficult decision.”
Taking time to thank the network for their “tremendous support” over the years, especially those “behind the scenes, whose work often goes unseen but has been essential to our success.”
The talented centre-back retired in May 2015 after more than 500 appearances and 81 national team caps, making an almost immediate switch into punditry and remaining a household name.
Rio has also remained a popular figure at Old Trafford and, indeed, across various parts of Manchester since leaving United in 2014.
For instance, his self-titled Foundation has carried out some truly transformational local outreach across various boroughs, as it has back in his home city of London.
Responding to the news, TNT Sports said nothing more than “Thanks for everything, Rio”; meanwhile, fellow former Red, Danny Simpson (who retired last year and also works as a pundit/presenter for MUTV) added: “You’re going to be missed, bro. Every time you’re on, you give us all the mad insight.”
However, he has promised he will remain in the media industry, continuing to work under the Rio Ferdinand Presents digital brand and pursuing “other business interests”.
With his ‘Rio Reacts’ and ‘Vibe with FIVE’ series regularly raking in millions of views, he might not be on the box during European nights but you’ll still be seeing plenty of him.
Rare bat-eared foxes have arrived at Chester Zoo for the first time in more than 30 years
Emily Sergeant
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It’s time to say a big hello, as rare bat-eared foxes have now arrived at Chester Zoo.
The two sisters, named Maasai and Malindi, have been welcomed by conservationists after travelling more than 500 miles from a zoo in Paris, and they are the first mammals of their kind to come to Chester Zoo in more than 30 years.
First images show the pair exploring their home in the zoo’s new Heart of Africa habitat – which officially opened to the public back in March, and is the largest zoo development ever undertaken in the UK, spanning more than 22.5 acres in size.
The adorable – but rather unique-looking – bat-eared fox is named after its distinctive oversized ears and is native to the open savannahs and arid grasslands of eastern and southern Africa.
They live for around 13 years on average, and their characteristically large ears help regulate their body temperature and enhance their incredible hearing, allowing them to prey like detect insects moving underground.
The species faces increasing threats in the wild, largely due to the loss of their habitat caused by agriculture, human encroachment, and hunting.
This is why Chester Zoo has long been at the forefront of protecting African wildlife.
Its teams’ have been supporting everything from the safe translocation of northern giraffes to protected national parks in Uganda, to developing cutting-edge AI trail cameras to protect giant pangolins from illegal trafficking in recent years.
Bat-eared foxes have arrived at Chester Zoo for the first time in 30 years / Credit: Chester Zoo
“It’s incredibly exciting to welcome bat-eared foxes back to Chester Zoo after a 30-year hiatus,” commented David White, who is the Twilight Team Manager at Chester Zoo.
“Both Maasai and Malindi are settling in well so far, spending much of their time exploring their expansive home and getting to know their new housemates – a family of twelve Cape porcupines. These two species would often come across one another in the wild, so we’ve recreated this right here at Chester.
“In time, we hope to introduce one of the two sisters to a male fox, with the hope that we can contribute to the European conservation breeding programme, helping to ensure there’s a healthy, genetically diverse back-up population in human care.
Georgina Pellant -
13th September 2022 
